Despite the clear sense of despair and anger in Greece,
politicians and members of the public continue to think that the
alternative—default and EZ exit—would be even worse. A top
official from New Democracy, the most popular party according to
recent opinion polls and the party likely to lead a coalition
government following upcoming elections in April, waxed at length
about how much trouble Greece would be in if it exited the EZ. He
highlighted that Greece has few export industries it could rely
on to grow its way out of the crisis even if it devalued its
currency. He conceded there is tourism, but argued that any
profits from shipping are kept out of the country and green
energy is still but a mere pipe dream as an export industry for
Greece. Given that Greece is not self-sustaining in agriculture,
he suggested that a devaluation accompanied by hyperinflation
would result in a starving population, and that the resulting
civil unrest would destabilize the entire Balkan region. These
arguments were reiterated by Pasok politicians I met, as well as
by representatives from prime minister Papademos’ office.

Among the increasingly popular fringe left- and right-wing
parties, the only party actually advocating a EZ exit is the
communist party, or KKE. The KKE will have just over 10% of the
vote in the election in April according to most estimates and
refuses to cooperate with any other parties in a coalition. For
now, the rest of the political establishment advocates doing
whatever it takes to remain in the EZ.

The violent protests in Syntagma Square two weeks ago indicate that there is
growing resentment among the Greek public towards the conditions
demanded by the troika. Overwhelmingly, however, most Greeks
express desperation to stay in the EZ. This is reflected in
recent opinion polls: according to a poll conducted in February
for Skai TV and Kathimerini, 70% of respondents said a EZ exit
and return to the drachma would make Greece’s situation worse and
61% said they viewed the euro favourably.

In addition to concerns about what would happen to their savings
and what sort of social unrest would be stoked if Greece exited
the EZ, most Greeks are cynical about how a new, independent
central bank would operate.